22 We think Hod Maden is an excellent project. It will be a strong producer and there is meaningful upside potential and additional resources converting to reserves. We currently own a 2% NSR on the project as well as a 30% JV interest. As we've said previously, we intend to convert the JV interest into a structure that more closely aligns with our royalty streaming business. As such, our long-term guidance does not yet include any contribution from the conversion of the Hod Maden JV interest which may represent additional upside not included in today's outlook. Okay. That takes me through the general overview. So, the next 50 slides that I'll present really get into the detail of each of these projects. No? I hope this overview gives you a clear sense of the strength, depth and longevity of our portfolio. We are seeing significant progress across multiple assets with consistent investment from our operating partners and a development time pipeline that extends well into the 2030s. Royal Gold is positioned for multiyear multi-asset growth with a balanced combination of near-term catalysts, midterm development and long-term optionality. Thank you for your time and attention today. Alistair Baker: All right. With that, we'll just take a 10-minute break, if that's all right for everybody. So, please return to your seats within 10 minutes, and we'll start again and we'll finish off and move into Q&A. Thank you. Alistair Baker: All right. I think, everybody, we're ready to start the second half of the session today. So, I'll invite Paul Libner up to the stage. Paul Libner: Well first, let me just start off by saying thanks for so many of you coming. I know some long distance was traveled to be here, so, I really appreciate it. It's great to see so many familiar faces here today. Martin just provided a lot of really good information and information that we're certainly very excited about for 2026 and beyond. But in this section, I want to spend a few minutes talking about how we think about capital allocation. I'll provide a quick update on our revolver and our current liquidity as well. I'll then turn things over to Dan Breeze, who will talk about the business development market and how we consider opportunities to redeploy our capital. Effective allocation of capital is a key component of our business. Our strategy has been consistent for many years and is driven by the overall objective of providing growth and per share metrics. As shown on the slide here, our capital allocation priorities are built on three pillars. The first pillar: Invest in accretive growth. The second pillar: Maintain